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FOR IMMEDIATE RELEASE
U.S.-EU INSURANCE DIALOGUE OUTLINES A
WAY FORWARD
WASHINGTON, D.C. (December 21, 2012) — After a year of
intense discussion, the Steering Committee of the U.S.-EU Insurance
Dialogue Project has issued a revised joint report and is proposing a set
of common objectives along with a series of initiatives designed to enhance
insurance regulatory cooperation and collaboration. The Steering Committee,
which includes representatives of the National Association of Insurance
Commissioners (NAIC), the U.S. Federal Insurance Office (FIO), the European
Commission (Commission) and the European Insurance and Occupational
Pensions Authority (EIOPA), will craft a detailed project plan in early
2013 to be pursued over the next five years.
The agreement on the “Way
Forward” plan was made at a meeting this week in Frankfurt, Germany,
where the parties developed common objectives and next steps to move
forward largely based on a draft joint report published earlier this year.
The publication summarized the key commonalities and differences between
the systems for insurance regulation and supervision on both sides of the
Atlantic. Following joint hearings in Washington, D.C. and Brussels,
Belgium, the draft report was revised to increase accuracy and provide
clarification of certain content. Read the final report here.
Today, the NAIC International Insurance Relations Leadership Group
approved a motion to remit the proposals to the NAIC Executive Committee
with a recommendation to engage the appropriate Committees in the work
necessary to evaluate and carry out the recommendations.
“I believe we have achieved a greater mutual understanding of our
respective solvency systems through the U.S.-EU Dialogue Project,” said
NAIC President and Florida Insurance Commissioner Kevin M. McCarty. “We
look forward to collaborating on the various initiatives agreed to by the
Steering Committee. The Way Forward plan reflects our best efforts to
identify key areas for enhancement and possible alignments between our
solvency approaches. These efforts should lead to more efficient and
effective regulatory oversight and increased policyholder protection.”
The U.S.-EU Dialogue Project began in January 2012, building on more
than a decade of dialogue between U.S. and European insurance regulators,
with the objective of further enhancing mutual understanding and
cooperation for the benefit of insurance consumers, business opportunity
and effective supervision. In the Way Forward proposal, the Steering
Committee has identified common objectives and initiatives in important
areas like group supervision and the coordination of international
supervisory colleges as well as enhancements to data collection and
analysis, independent third party reviews, and the conduct of on-site and
off-site examinations. The goal of this work is to explore areas of
potential alignment and opportunities for greater collaboration between the
two systems over the longer term.
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